Kazakhstan ratified amendments to the oil supply agreement with Russia

Kazakhstan ratified amendments to the oil supply agreement with Russia

The President of Kazakhstan, N. Nazarbaev, has signed a law “On the ratification of the Protocol on introducing the amendments to the Agreement between Kazakhstan and Russia on the trade and economic cooperation in the sphere of oil and oil products supply to Kazakhstan as of December 9th 2010”.

The agreement was ratified by the law as of April 3rd 2013. The conditions of the 2-party agreement worked until Jan 1st 2015. Before that the Minister of Oil and Gas, U. Karabalin, said that due to the expiration of the conditions of the agreement and aiming for the execution of the conditions of the agreement on EEU presupposing the development and approval of the conception of forcing the common market of oil and oil products until Jan 1st 2016, as well as development and approval of the program of forming of the common oil and oil products markets of EEU until Jan 1st 2018, the parties should fulfill the realization of all the measures of the program until Jan 1st 2024.